Feature: A tour of Launchpad and how it is encouraging innovative business

How Falmouth University's Launchpad encouraging innovative business

WALKING into the Launchpad building at Falmouth University it is a hive of activity – and this facility could be a key part of the future digital economy of Cornwall.

As I am shown around by Nick Dixon, head of the Launchpad programme, I am introduced to people working on projects covering everything from finance and insurance to fashion, agriculture and video games.

The first cohort for Launchpad was in May 2017 when it was based out of one small part of a building before it eventually moved into purpose-built facilities.

Launchpad is a business incubation programme which is being used to attract inward investment and developing talent.

The model is unique in that challenges are set for graduates by those in industry and fledgling companies are then established to come up with practical solutions which will create products which can then be taken to market.

And it has attracted some major players locally and globally with Royal Cornwall Hospitals Trust, Amazon and Google just some of those which have been presenting challenges for Launchpad to tackle.

By being given these challenges the companies run by graduates are actually creating something for which there is a gap in the market whilst also having a wealth of support and advice on hand from those supporting the Launchpad at the university.

In taking this approach the companies are expected to be more likely to succeed as they will be starting off with something for which there is a need rather than trying to reinvent the wheel.

After the first year in the Launchpad programme graduates become directors of their own companies and remain on the university campus for an additional year of support as they scale up, employ staff and secure investment. After the acceleration phase in year two the businesses move on to workspace in Cornwall.

Some of the early companies to be incubated at Launchpad are already attracting global attention for their work.

Agri-tech firm Glas Data Limited has secured £325,000 of investment and now employs nine full-time staff. It recently exhibited at an agricultural exhibition event in New Zealand and is preparing to launch into the market.

Moonshine Studios Limited, a digital games company, has landed a publishing deal and has a launch title lined up for Google’s new game streaming platform Stadia. Watching a preview of the game – Get Packed, an Overcooked-style game involving house removals – the quality of the product was clear. They recently showed at the international E3 games trade event in LA.

Nick explained that as Launchpad focuses on digital and high-tech enterprises the companies that come out as a result are not reliant on things like the road or rail network which have sometimes been seen as a barrier for business in Cornwall.

Launchpad was recently discussed at Cornwall Council when the council agreed to provide an additional £900,000 to the project as part of an £8.2m extension to the scheme.

Some councillors questioned the investment saying that Launchpad had not met targets for job creation since it started.

However Nick said that because of the nature of the programme the true benefits of it will not be realised until the businesses it creates are fully formed.

He said: “The companies we have here now, some of them are preparing to launch into market and have created jobs, but this is just the start for them, as time goes on they will continue to grow and create more jobs.

“These things take time and we are confident that we will meet the targets that we have set as we can see that this model does work.”

As part of the Launchpad programme companies which are created as a result are obliged to keep their headquarters in Cornwall – this will ensure that as they continue to grow they will be able to offer the high-quality, high-skilled and well-paid jobs that Cornwall needs.

The unique nature of Launchpad means that companies are working alongside each other day-to-day and can also then draw on other people’s advice, support and feedback.

It helps to provide confidence that some start-up businesses can struggle to build if they are starting from scratch on their own.

Some of those working at Launchpad explained that they had been involved in other enterprises before which had ultimately fallen by the wayside, but they were much more confident that their work in the programme would succeed.

For Nick, he feels that Launchpad is something that Cornwall should take pride in and recognise that it could be the start of something really good for the economy.

He said that he saw it as a 10 to 15-year programme which would eventually become self-sustainable. Launchpad has currently benefited from funding from the EU, Cornwall Council and the university.

It has also been undertaking outreach work in local schools to show the next generation what opportunities there are to work on high level projects and to form their own businesses.

There is an agreement with the three innovation centres in Cornwall so that companies can move into space once they leave Launchpad, but Nick explained that they are keen to work with others to ensure there is suitable workspace available for companies as they complete their time in the incubation project.

Nick said he would welcome anyone to go and visit the Launchpad and see it in action as “it will open your eyes”.

He said: “The university is not just about giving you an education, it is about preparing you for life in the workplace and that is what we do here.

“But this is not about the now – this is about building something which will benefit the economy for the future. It will take time and we want to keep these companies here in Cornwall and by providing this infrastructure to get them started we can do that.

“The investment that has been put into the programme will be paid back over the long term.”

This website and associated newspapers adhere to the Independent Press Standards Organisation's Editors' Code of Practice. If you have a complaint about the editorial content which relates to inaccuracy or intrusion, then please contact the editor here. If you are dissatisfied with the response provided you can contact IPSO here